Hidden Gems: 3 Penny Stocks Flying Under the Radar.
Every day the market offers us good investment opportunities with a variety of companies. While it can be hard work to investigate all investment opportunities on the market, in this article we can discover a great opportunity that we may not have found before. Here are three overlooked penny stocks that are worth taking a look at.
Cemex (CX)
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At a stock price of just under $7, Cemex (NYSE:CX) does not technically qualify for our list of overlooked penny stocks. However, this cement company operates worldwide, and it’s not often that you see an industry giant even close to qualify as a penny stock. Its second-quarter earnings rose to $272 million, driven by rising prices in its markets.
The Mexican peso’s recent appreciation against the dollar also played a role. In addition, the company’s quarterly revenues increased by 13%, reaching $4,566 million.
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But not only is it making money, it is also leading the way in sustainability. Cemex is the first in its industry to provide information on the environmental impact of its products, which is great for those looking to build greener. Think of it as a commitment to the planet!
And here comes the exciting part, Cemex is working on producing cement using solar energy, which could revolutionize the industry. The company has scaled up its technology to make clinker, a vital part of the cement manufacturing process, using only solar heat. This could change how we view energy in construction, and makes it a solid option in overlooked penny stocks.
Angi (ANGI)
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Angi (NASDAQ:ANGI) is a leading home services company offering a wide range of solutions to homeowners. In the second quarter of 2023, the company went through significant changes in the way it recognized service revenue, which affected its financial results.
Despite this, Angi managed to generate revenues of $375 million in that quarter, although compared to the previous year, there was a 16% decrease in total revenues due to declines in advertising and lead revenues, as well as services, although it did achieve 17% growth in international revenues.
In financial terms, the company reduced its operating loss by 20% to $17 million and significantly increased its adjusted EBITDA by 89% to $18 million. This was achieved thanks to improved service results. However, advertising and lead revenues experienced a significant decline. The company also reported an increase in net cash flow from operations and positive free cash flow due to a reduction in capital expenditures.
Looking ahead, it projects an operating loss range of $15 million to $70 million and adjusted EBITDA between $100 million and $130 million for the full year 2023.
Biora Therapeutics (BIOR)
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Biora Therapeutics (NASDAQ:BIOR), a biotechnology company, is causing a stir in the world of medical treatment delivery. Its innovative approach focuses on making drug delivery more efficient, especially through the oral route.
Biora has achieved a major milestone by successfully completing a study on the performance of its NaviCap device in humans, which is ready to enter Phase 1 clinical trials. This is exciting because it represents a significant change in how we deliver medical treatments.
In addition, it is moving towards an important milestone, submitting an IND (Investigational New Drug) application for its BT-600 program in September 2023. This indicates that it is closer to conducting clinical trials for a promising potential treatment.
Biora has shared data at scientific conferences on its BioJet platform for oral drug delivery. This platform has the potential to improve the efficacy of treatments. They are conducting animal studies that have yielded promising results. The company is also actively working on an improved version of its BioJet device, which is automatically activated. Importantly, it is not only meeting its performance targets, but is also achieving efficacy levels comparable to traditional injections.
Financially, it recently obtained $8 million in financing in the second quarter, which provides them with the resources to continue researching and developing its innovative ideas. In addition, Biora has reached an agreement with Athyrium Capital Management to strengthen its financial position.
As of this writing, Gabriel Osorio-Mazzilli did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Gabriel Osorio is a former Goldman Sachs and Citigroup employee. He possesses discipline in bottom-up value investing and volatility-based long/short equities trading.
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